Elon Musk to buy $20m of Tesla stock

Tesla shares jumped 2 per cent in premarket trading today following the news that CEO Elon Musk will purchase company stock worth $20m in the next open trading session.

Today’s filing, related to the CEO’s settlement with the Securities and Exchange Commission, read: “Separate and apart from the settlement, Elon has notified Tesla that he intends to purchase from Tesla, and Tesla expects that it will issue and sell to Elon, $20 million of Tesla’s common stock during the next open trading window at the then-current market price.”

It added that the purchase is ‘separate and apart from the settlement’ between Musk, Tesla and the SEC.